SOLUTION: Suppose that $50,000 is invested at 9% interest. Find the amount of money in the account after 4 years if the interest is compounded annually.

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Question 1144313: Suppose that $50,000 is invested at 9% interest. Find the amount of money in the account after 4 years if the interest is compounded annually.
Answer by ikleyn(52781) About Me  (Show Source):
You can put this solution on YOUR website!
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Each year, the amount at the account increases with the coefficient 1+0.09 = 1.09.


Therefore, the final answer is  50000%2A%281%2B0.09%29%5E4 = 50000%2A1.09%5E4 = 70579.08 dollars.

See the lesson
    - Compound interest percentage problems
in this site.

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